The creation of a business improvement district is being put to a vote. Alex Turner finds out more

THE commercial district could benefit from investment of more than £2.7m in the next five years – if its businesses vote to fund a business improvement district (BID).

Ballot papers are now with the 800-plus businesses which would be called upon to fund the plans and they will be submitting their ayes or nays in the coming weeks before voting closes on May 27.

The vote is being managed by the Electoral Reform Society and the decision is due to be announced three days later, with the BID pencilled in to begin almost immediately.

All businesses with a rateable value of £10,000 or more are eligible to vote on whether to accept a levy equivalent to 1% of rateable value. Smaller companies, who will not be charged the levy, are not being balloted.

The annual revenues raised by the levy would be more than £550,000, which cannot be used to fund statutory council services, but only “to add value to businesses in the area through additional services or activity beyond the remit of the public sector”.

To come into effect, the BID – which would replace the existing, voluntary Liverpool Commercial District Partnership – needs to gain a majority of votes and also a majority of the aggregate rateable value of those voting.

The proposed BID area boundaries are formed by King Edward Street and Leeds Street in the north, Pall Mall, Moorfields and Stanley Street in the east, Lord Street and James Street in the south, and New Quay and The Strand in the west.

It will look to match the success of City Central BID, which covers the main retail area in the city centre, apart from Liverpool One.

That is generally seen as having had a very positive effect on the streetscape, from events and marketing initiatives to additional street cleaning and creating a safer environment.

The application for BID status has been led by Liverpool Commercial District Partnership.

That has £125,000 allocated to capital projects – which is expected to be mostly matched by public sector funding – with a further £50,000 on events. £60,000 will be spent on operations while marketing activities will get £70,000.

The BID’s overheads are budgeted at £150,000, with the balance going on inward investment support, transport and access, and contingency.